coalition agreement included an intention to reduce child tax credits and Child trust funds for better-off families. The parties had agreed to raise the rate of capital gains tax (CGT) to match individuals' highest rates of income tax, excluding gains on business investments, and to reduce the rise in employers' National Insurance contributions which Labour had planned. The Conservatives had also agreed to Liberal Democrat wishes to gradually raise the personal allowance, i.e. the level of income on which no tax is paid. Tory statements before the election also pointed to a reduction in Corporate tax, perhaps partly paid for by changes to capital allowances which are currently seen as complex. The Business Secretary, Liberal Democrat Vince Cable, had announced that reducing tax avoidance is a priority of the new government. The coalition agreement did not resolve all areas of differences between the two parties' tax policies, and tax advisers were complaining of uncertainty ahead of the budget. The Liberal Democrats had wanted to reduce the annual exemption from CGT, and to cap the rate of relief for pension contributions. John Redwood and David Davis publicly argued against the rise in the CGT rate, but Cable insisted that the parties were not divided over the issue. Reactions after the Budget speech Acting Labour leader Harriet Harman responded for the opposition, calling the speech a "Tory budget", and predicting that it would increase unemployment and stifle growth. Some Liberal Democrats were disappointed that capital gains tax (CGT) remained lower than the rates of income tax. Meanwhile, the British Venture Capital Association expressed entrepreneurs' "deep concern" over the CGT hike, warning that it could deter overseas investors. The immediate implementation date for the rise surprised tax advisers. However, former Bank of England rate setter David Blanchflower warned that the budget risked sending the UK into another recession, and that a "double-dip" is now the best case scenario, The Minister for Women and Equalities, Theresa May, had written to the Chancellor emphasising the need to assess the effect of the budget on women, disabled people and ethnic minorities. the Fawcett Society is seeking a judicial review of the emergency budget for failing to demonstrate that such an assessment had been made. The High Court refused to grant permission for such a review in December 2010. A report published in October 2010 by Research Councils UK voiced the opinion that cuts to research and